Goodman Manufacturing increases presence in Jersey Village

Goodman Manufacturing Co. LP has leased 270,000 square feet of industrial space at ProLogis Park Jersey Village Corporate Center.

The manufacturer of residential air conditioning and heating products now leases nearly one million square feet of the 1.2 million-square-foot industrial park at the intersection of Beltway 8 and Highway 290.

Goodman Manufacturing leases an additional 663,000 square feet from ProLogis in other markets across North America. Houston-based Goodman is a wholly owned subsidiary of Goodman Global Inc. (NYSE: GGL).

ProLogis owns, manages or is developing more than 10.8 million square feet of industrial buildings in the Houston area.

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source: bizjournals.com

Sears hammers out agreement for Restoration Hardware

Sears Holdings Corp. has agreed to enter into a confidentiality agreement with Restoration Hardware Inc., a California home furnishings chain that Sears has offered to buy for $6.75 per share.

The Dec. 7 agreement, disclosed in a filing with the U.S. Securities and Exchange Commission on Monday, allows for Sears to complete due diligence on a possible transaction with Restoration Hardware. Sears Holdings (NASDAQ: SHLD) is the Hoffman Estates, Ill.-based operator of Sears and Kmart stores.

Restoration Hardware had previously said it would provide the information if Sears signed the same confidentiality and standstill agreement as other suitors.

Sears Holdings' bid tops an accepted offer from Catterton Partners, a private equity firm with a definitive agreement to buy Restoration Hardware for $6.70 per share. Restoration Hardware is reserving the right to review competing proposals through Thursday.

Separately, Restoration Hardware reported a third-quarter net loss of $15.2 million, compared with a loss of $5.7 million in the same quarter last year. Sales for the quarter ended Nov. 3 were $173.7 million, up from sales of $157.1 million a year ago in the same period.

Gary Friedman, president and chief executive officer, said revenue did not achieve management expectations as weakening consumer spending and traffic continued to affect third-quarter business, particularly for high-ticket items.

Corte Madera-based Restoration Hardware (NASDAQ: RSTO) operates more than 100 locations in the United States and Canada.

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source: bizjournals.com

Report: D-FW office market shows strength

Long-term economic and demographic trends for the Dallas-Fort Worth area point to improving fundamentals in office properties through the rest of the year, according to an Office Research Report released by Marcus & Millichap Real Estate Investment Services.

Demand will be driven by the largest increase in jobs in the nation, including more than 35,000 office-using positions, the report says.

"Investors from around the country will continue to target assets in the Dallas-Fort Worth area," said Tim Speck, regional manager of the Dallas office of Marcus & Millichap, in a statement. "Average marketwide cap rates are in the mid- to high-7 percent range, providing ample debt-service coverage to all but the top-tier assets."

Some of the most significant aspects for Dallas-Fort Worth include:

* Employers are on pace to add 87,700 positions in the Metroplex this year, a gain of 3 percent.
* Developers are accelerating construction to 3 million square feet this year, a 1.7 percent increase to stock.
* Supported by healthy job growth, office vacancy in the Metroplex is expected to finish the year at 19 percent, down from about 20 percent at year-end 2006.
* Asking rents are on track to finish the year at $19.42 a square foot, while effective rents will climb to $16.45 a square foot, annual gains of 4.6 percent and 5 percent, respectively.
* Over the past year, greater activity from out-of-state investors and pension funds has supported a modest 5.7 percent increase in the Metroplex's transaction velocity.


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source: bizjournals.com

European firm opening local Web design office

A Lithuanian company plans to base its U.S. Web design and animation operations in Cincinnati.

E-sense Group said in a news release that its Cincimedia office will open in January at an office on E Business Way in Sharonville. The company will offer Web design and development, Flash, 3D visualization and 3D animation services to the real estate industry.

"I think the challenging real estate market in the U.S. caused by the subprime mortgage crisis means that real estate development companies need new and innovative ways to market their properties and differentiate their message," said Andrius Bakutis, chairman of Cincimedia and president of E-sense.

E-sense's 40-person European staff will provide the creative services, supporting a local sales and project management staff, according to a news release.

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source: bizjournals.com

Pappas named local Realtor of the Year

Peter A. Pappas was honored as Charlotte's commercial Realtor of the Year at an awards luncheon Monday.

The Charlotte Region Commercial Board of Realtors recognized Pappas and three others at The Westin Charlotte for their contributions in 2007.

Jim Schepp of Charlotte-based Cox & Schepp Construction received the Corporate Associate of the Year Award, which honors individuals credited with improving the commercial real estate industry.

The Cornerstone Award was given to David Murdock, developer of the $1.5 billion N.C. Research Campus on the site of the former Pillowtex Corp. headquarters in Kannapolis. The honor singles out heroes in the community.

CRCBR Executive Vice President Theresa Salmen was given the President's Award for her hours of volunteer support.

The awards were presented during the CRCBR annual meeting, which also marked the passing of the gavel to 2008 executive committee President Mike Harrell from last year's leader, Roger Cobb.

NASCAR Chief Executive Brian France gave the keynote speech. A presentation was also made on behalf of Classroom Central, a free school supply store for students, which CRCBR supports with donations.

CRCBR is a professional organization serving the commercial real estate industry in 18 counties in North and South Carolina.

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source: bizjournals.com